Topic: Virtex VTX trading disabled - page 2. (Read 6267 times)

Yep.
I sure hope Havelock takes it fair share of a hit over this.
HIF sucked to begin with, but I don't foresee good things moving forward if this is how they're going to treat customers who've been with them since the beginning.

Fortunately, I didn't invest too much in VTX.  I was lauding them to my friends about 2 weeks ago as one of the best investment opportunities in BTC... glad my friends don't value my (inebriated, I'll admit) opinion. 

My exact words, I dont remember what was in original prospectus but yeah anonymity was one thing I wanted from bitcoin securities. The only good move from VTX would to do buy back on original IPO price but that is unrealistic and its not gonna happen for obvious reasons. So once again investors getting burned.

I guess I'm forced out as a UK citizen.
Pretty pathetic managing by Havelock & VTX. 
Pulling all funds out of Havelock over this.  Trusted them and got screwed.

Why would someone investing in Bitcoins which are fundamentally anonymous want to register their name to a Bitcoin exchange share?  Seems like VTX wants their shareholder's BTC & wants them out.

See ya, Havelock!

It started about an hour later, so they must have gotten confused between MST (Mountain Standard Time, which is their EST minus 2 hours) with Central Standard Time which is minus 1 hours in Havelock's time.

It is trading below 0.1 BTC/share. Basically, if you want to be a registered Canadian shareholder, and lock in your BTC into a Canadian company's shares tied to the dollar except dividends, then you buy. If not, you sell before Dec. 31st, get your BTC, cut your losses, and call it a day.

Am I mistaken or it is already past this due ?

I dont know but the dividend part and this right there just sound so bad... even after 2 months doing pretty good volume

Question and Answer update:
De-Listing Questions:
Terms and Definitions:
Registered Shares: The share certificates to be issued represent non-voting common shares with rights to receive dividends in either Canadian Dollars or Bitcoin.
Virtual Shares: Shares of symbol VTX on havelockinvestments.com
De-list Date: Dec 31 2013 4:00pm(MST)
HVL: havelockinvestments.com

Dividends:
No promise was ever made to issue a dividend on a specific date. In my last announcement on Oct 1 2013 I indicated that the next dividend update will occur by March 31 2014(Q1 2014). At this time I cannot give a specific date for when a dividend will be declared or paid. Any registered shareholder of VirtEx will be able to accept any dividend payments in Canadian dollars or Bitcoin. There are no special classes of dividend exempt shares. If a dividend is declared or paid, the non-voting common shares as defined above and in this de-listing would qualify.

Questions:
1) Havelock stated the sale of 10,000 units was for 10% of the company. This should mean as a holder of 200 shares that these certificates will equate to ownership of exactly 0.2% of the company. Does this remain true?
Yes at the present moment, but the company may raise additional capital by issuing new shares in the future.

2) How do I become a registered Shareholder?

All shareholders as of the de-listing date will be e-mailed on January 6, 2014 with instructions on how to become a registered shareholder. There will be no administration fee for this service.


3) Why should I become a registered shareholder?
To reflect your ownership interest in the company.

4) Why is your prospectus no longer posted and/or available?
We removed it as the first step in the delisting process.

5) What are the transfer rights of my registered shares, can I sell them to others?
Share transfers will be restricted in accordance with applicable law.

6) Will the de-listing process require me to pay or report capital gains?
Consult your professional advisor. Generally however capital gains are not incurred until a disposition has occurred.

7) Can you give more detail as to why you decided to de-list?
The virtual shares are being traded in an uncertain regulatory framework as it pertains to an Alberta Corporation. This uncertainty complicates and delays any additional investment and/or partnership. We intend to grow this company and pursue partnerships and investment offers and the conversion of virtual shares to registered shares is a necessary step to make that happen.

When will financials be issued and to who?
Annual financial statements will be issued to all registered shareholders and are planned to be released by March 31, 2014.

I don't know... I used to be opposed to registration for BTC stocks; I liked that BTC was almost like play money where I could experiment with investing and not have to worry about all that red tape. At $10 per Bitcoin, it wasn't a huge loss if I lost 0.10 BTC in some investment or another, especially since the BTC security market was generally going up (until July) so an occasional loss was generally counteracted by gains in the other securities. But now that BTC is worth around $1000 it doesn't seem so much like monopoly money anymore. And over the past months several asset issuers have chosen to just disappear (CreativeX, plus the issuer of AJM.Mining), or blatantly scam and say 'this was just a game for entertainment purposes, so you have no recourse' (Cow on Litecoin Global). With BTC becoming so valuable, I'm hesitant to keep taking those types of risks with my BTC. If VTX becoming a registered security means shareholders will be legally protected from these types of things, it may be a positive development after all.

Can't keep all the plates spinning forever...

Yep this sham of a maneouvre sets a bad precedent for the rest of havelock.

What is the point of 'physical' shares in denominated in some local currency other than to create smoke and mirrors ?  With the added bonus of more disincentives e.g. registering and more red-tape as well as new terms and conditions. All in all it is a red herring, because 'and its gone'.

So much for intents, they are a dime a dozen; what about BTC dividends ?

the latest on this:

and now wire transfers are gone... wtf is happening over there:(

Beautifully vague. 

Does this mean there will no longer be a way to transfer shares in the company? is the share value being decoupled from bitcoin price? Its all seems like a bit of funky accounting to me. Then again it could be becasue some large investors want in and are uncomfortable buying shares in XBT on an exchange that is operating in a legal grey area?   


Somebody in the know please make some clarification.

I am unsure too.  I don't have much in it, and don't really care to sell.  But I am in the US and it hardly seems worth whatever trouble it will be to figure this out.

What to do, what to do?

Will US investors be eligible for the direct shares? If so, what red tape/regulations will they have to deal with in order to receive the direct shares, and then after receiving them? Would there be any benefit to a US investor to holding a direct share of VTX, as opposed to simply investing on the stock market in fiat using their IRA or 401K etc.?

So is this positive news then? I actually have one share already. My gut is telling me to keep it.

I'm kind of bummed, but at the same time, I will definitely set myself up right now to buy as many shares on December 18, when trading resumes, as I can.

The problem with this whole thing is that people that aren't Canadian will not really want to own direct shares of the company and have to deal with real regulations.

The wild west.

VTX trading on havelockinvestments.com has been disabled: https://www.havelockinvestments.com/order.php?symbol=VTX

I'm guessing virtex is planning on releasing financials for 2013 (finally). Wonder why they've frozen trading though. Could be a number of things:

1. Virtex is doing well and they plan on buying all shares off shareholders.

2. Virtex is not doing well (unlikely) and they want to prevent a massive sell-off when this goes live.

Strangely enough, there was a huge selloff of shares last week. Considering financials are coming "by Q1 2014" I don't see why someone would sell off all their shares. Seems fishy.